Friday, 29 November 2013

Hot Ecommerce Trends to Watch

The number of consumers making purchases online continues to increase. It is
the new wave of commerce and, depending on the industry; ecommerce represents
either an opportunity for big profit or a death knell for the brick-and-mortar
business. The landscape is changing, and businesses must adapt to survive. What
follows are five ecommerce trends that illustrate the direction that online
shopping is headed, as well as some insight and strategies that will allow
businesses and consumers to better navigate the uncertain seas of web-based
retail.

1. Unusual or Commoditized
Products

The success of self-promoted artists who sell their work online can be
attributed to the fact that it is difficult to find similar work anywhere else.
These products compete on individuality and aesthetics more than price. In
fact, attempting to compete on price is generally not recommended, considering
the time and skills necessary to create individual works. Far more important is
establishing a brand and reputation for quality that
will, in turn, drive demand. At the other end of the spectrum, there are commoditized items, such as
consumer electronics, mainstream tools and other equipment. Individuals
generally will have less success selling commoditized items online, even though
they are some of the most popular online purchases; consumers prefer major
retailers like Amazon when buying these items
online. However, some individuals or small businesses have found success
through affiliations with major retailers. Lifeproof, a
line of waterproof and shock-resistant iPhone cases, aligned itself with
Best Buy for this very reason, and it was able to penetrate the mainstream
audience, whereas before it was simply a niche product.

2. Third-Party Ecommerce
Site Providers

To meet the need of creating a functional and attractive ecommerce site,
third-party ecommerce providers offer the simplicity of site setup and maintenance
on their end to entice businesses. Currently, the two most popular ecommerce
site providers are Volusion
and Shopify.
Volusion does not charge transaction fees on items sold; instead, it offers a
simple, tiered monthly plan. Volusion also provides a site coach for its “Gold
Level” members and a 14-day free trial.Shopify charges a transaction fee for all but its “Unlimited” memberships,
but allows for sales through Amazon, and offers SSL certification at no
additional fee. Shopify is predicting that its merchant
clients are on track to double their combined sales this year compared to last
year. It would take an article in itself to fully compare the benefits of these
(and other popular ecommerce site providers), but suffice it to say they both
offer options for businesses that do not wish to manage the technical aspects
of their ecommerce storefront.

3. The “Mom and Pop” Effect

The traditional “mom and pop” stores of yesteryear grow more rare as stiff
competition from chain stores increases. However, in the digital realm, the
smaller, personalized stores can — and do — have success. Experts believe that
the mom-and-pop advantage extends beyond customer loyalty, and that there is in
fact a logistical advantage, as well. They say, “Smaller stores aren't saddled
with anachronistic organizational structures that segment a business by
channel, such as store, catalog or digital.”There are even a few companies catering to the moms and pops of the web,
giving them the tools to compete with the big guys. SumAll is one
such company, providing data analytics to small- to medium-sized online
businesses. The metrics from SumAll show online retailers the real-time metrics
that are having the biggest impact on their bottom line.

4. Remarketing

Static marketing is dead, and businesses of any size have to be creative to
cut through the clutter. For ecommerce, a new technique is “remarketing” —
using multiple touches to generate continued interest in the product. If you’ve
ever noticed that ads appearing on pages you visit online are extremely
reflective of your interests, you’ve experienced remarketing. “When a potential
customer visits a website and then leaves without making a purchase, companies
can 'follow' them on the Internet. Ads and offers will appear on other pages
the potential customer is viewing.The danger with this type of marketing is the penchant for users to become
annoyed due to the “creepy” nature of ads following them around. However, if
they were on the fence about an item, the ads can sway the consumer to make the
purchase.

5. Mobile

Mobile devices are fast becoming the preferred method of accessing the web.
According to Think Mobile with Google

·81% of Smartphone users access the Internet on
their mobile devices.

·59% use the Internet on their phones while
waiting.

For this reason, ecommerce sites that are mobile optimized, or that have a
streamlined mobile application, will get more sales. However, there is a “dark side” for physical stores when it comes to mobile
devices. The biggest challenge for brick-and-mortar stores is the growth of ‘show
rooming.’ For example, Target lost some suppliers because they were not
receiving favorable pricing in the stores. Customers would go to Target, check
out the price and then use their mobile device to see if they could find
cheaper prices online.” However, this is yet another example of the benefit of
a strong mobile presence, particularly if a business is able to compete on both
price and value.Ecommerce will continue to advance and evolve, and many of these trends may
shift or become obsolete. One thing that remains constant is the need to build
a loyal following by competing on value and providing quality customer service.
Staying on top of ecommerce trends will give businesses a distinct advantage
when it comes to interacting and communicating with customers.

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